Closing Costs Grant
CMG Financial will give $2 for every $1 raised via crowdfunding (pledged funds do not apply) up to $1500 or 1% of the purchase price, whichever is less. Grant funds will be applied to non-recurring closing costs.
CMG Financial will also contribute $100 to get you started.
This grant is available to first-time home buyers (as defined by Fannie Mae) who complete home buyer education or pre-purchasing counseling. Closing costs include appraisal fees, title insurance, loan origination fees, discount points, deed recording fees, taxes, etc. These fees will vary based on the location of the home and the purchase price.
Grant Eligibility Criteria
To qualify for this grant, borrowers must meet the following eligibility criteria:
- First-time home buyer, as defined by Fannie Mae
- Completion of home buyer education prior to signing the purchase contract (can be same day)
- Loan preapproval prior to home buyer education
Home Buyer Education
Home Buyer Education/Pre-Purchase Counseling helps borrowers understand the mortgage process. Purchasing and owning a home is a major responsibility. We're big believers helping borrowers prepare for this responsibility. We work closely with HUD-approved housing counseling agencies to pair you with the education program that is best for you and your schedule.
Home buyer education can be completed via phone or online. Over-the-phone education is available on weekdays only and takes 60 to 90 minutes. Online education is available anytime and takes two to four hours to complete.
You can get started by clicking the button on your HomeFundIt campaign control panel or by contacting your CMG Financial Loan Officer.
For Seller Paid Closing Costs
In cases where closing costs are fully paid by the seller or other interested party, your grant funds can be applied towards discount points to get a lower interest rate. HomeFundIt Closing Costs Covered grant funds do not count towards Interested Party Contribution (IPC ) limits.
To learn more, contact your Loan Officer or email the HomeFundIt team at firstname.lastname@example.org